Binance CEO Warns Users About Phishing Scam

CryptopreneurBrainboss

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Quote from: SatoPrincess on February 05, 2022, 06:43:25 PM

CZ Binance didn't reveal how the phishing scammers were able to get the phone numbers of binance users. Was binance breached? If so, how much data was exposed? I don’t believe an attack on Binance security was ever mentioned. I have to ask how safe is our bitcoins on centralized exchanges, how safe is our information (kyc) on these exchanges?

He'll never review that as that'll make them look bad and weak, he always want to protray his exchange as the best out there with the abbreviation, SAFU which means Secure Asset Fund for Users. Binance uses this to decieve their customers into thinking their funds are better stored on their exchange instead of their personally wallet but that's all false. As others have highlighted, coins you don't have control over aren't yours.

Centralized exchange can always caused discomfort to your coins on their platforms like delay withdrawal or restrict you access to your own funds. You can lose it all if you trust this third parties. Getting a personal wallet is very easy to obtain, there shouldn't be any reason why you still using the service of exchange as wallet for storing of your coins. And in regards to KYC, these too aren't secure, infact nothing is secure on a centralized exchange.

mindrust

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Quote from: so98nn on February 05, 2022, 11:54:54 PM

Exchanger = Not your keys, not your custody on the coins.

While on the other hand, if its your own keys then its your own custody and coins. Remember that, at any point if you send the coins to an exchanger then its gonna be stored on their online servers, they can be breached, and you could loose everythig.

As far as I know Binance do try their best to keep the safeguard of their exchanger. However, it is still not our custody that is the main point.

Simply have the coins in your Wallet. May be a on an unused device or buy hardware wallets. Best!

I agree but people usually keep their coins on the exchanges because they don't want to miss the opportunity to sell/buy when there is a big price movement. Sometimes it takes hours before their coins arrive to the exchanges and the action is likely to end before that.

Though decision all around if you are a trader.

kryptqnick

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Unfortunately, phishing scams are very common with crypto exchanges and wallets, so one just has to be extra careful every time one accesses it. Emails can't be trusted, as often even corporate email impostors are a thing (if the company doesn't enable the necessary security against such attacks). As for phone numbers, somehow they often get known to scammers, and it goes beyond the crypto area (at least, in my country). It's good that the CEO is warning people because they need to be reminded regularly, but doing one's own due diligence is as important as this.

mia_houston

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Quote from: tippytoes on February 05, 2022, 06:49:30 PM

I am a user of binance so this information is very helpful. Though every time you go to their site, there's always notification as seen below that make sure you are visiting the official binance site. Scammers will always find a way how to screw users. As a user, you should always be cautious of what site you are visiting and entering your credentials.

No one can guarantee the security of the data that we have on the internet, what CZ has done is correct in my opinion, so far the hacking method has greatly developed along with the security improvements made by the exchanger platform, and of course they will not be responsible if the error comes from us, that's why it's better to ignore every link that comes into our email and it's better to avoid clicking on links that do look suspicious, because usually fraudsters use phishing links like that to take over our assets, I think not only binance warning its users against phishing links circulating, but almost all exchange platforms like kucoin and even mytherwallet have also given the same warning to their users.

Pmalek

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Those sending these fake SMS messages don't necessarily need leaked data from Binance. They can use any of the crypto databases (such as that of Ledger) that are being sold over the darknet or have been leaked publicly. Ledger's and Shopify's leak have enough mobile phone numbers to carry out all kinds of nasty things.

Since Binance is one of the biggest and most-widely used crypto exchanges, many people interested in cryptocurrencies have probably used it at least once in their life. Many of those who got their data leaked included. They are just sending SMS messages to as many potential victims as possible hoping that enough of them will be tricked. It's been a long time since I used Binance, but I don't remember ever receiving an SMS or giving them my phone number. Usually a code is sent to your registered email that you have to enter together with your 2FA. Maybe an SMS feature can be activated in the account settings as well.

worle1bm

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Quote from: so98nn on February 05, 2022, 11:54:54 PM

Exchanger = Not your keys, not your custody on the coins.

While on the other hand, if its your own keys then its your own custody and coins. Remember that, at any point if you send the coins to an exchanger then its gonna be stored on their online servers, they can be breached, and you could loose everythig.

As far as I know Binance do try their best to keep the safeguard of their exchanger. However, it is still not our custody that is the main point.

Simply have the coins in your Wallet. May be a on an unused device or buy hardware wallets. Best!

Centralised exchanges are always prone to breaches and you could loose funds anytime if the security is compromised as you don't have the keys to your coins at first place by which we all know that not your keys not your coins is popular term.The Binance has been under the radars most of time and think if they are warning you then be safe with it protect your funds.

Woodie

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Its good to have someone preach about the best practice of the security of our crypto assets because we never listen or learn from other people's mistakes, and this message coming from Binance CEO should carry some weight.

Btw Changpeng Zhao aka CZ is still Binance CEO... thought he was stepping down after continued pressure from regulators??? Whatever the case good to see that his still sticking around.

ancafe

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we don't know how secure our data is in such exchanges. however, as far as I know, on the internet, nowhere is safe. In fact, Binance has been hacked several times.
however, warnings like this are not only present on binance, but on all exchanges as well. Well, we don't know what method hackers will use to hack an exchange, so all we can do is be wary of links sent in messages, emails, and so on.

so98nn

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Exchanger = Not your keys, not your custody on the coins.

While on the other hand, if its your own keys then its your own custody and coins. Remember that, at any point if you send the coins to an exchanger then its gonna be stored on their online servers, they can be breached, and you could loose everythig.

As far as I know Binance do try their best to keep the safeguard of their exchanger. However, it is still not our custody that is the main point.

Simply have the coins in your Wallet. May be a on an unused device or buy hardware wallets. Best!

michellee

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I do not think Binance will reveal the details to the public. But they will always warn their users to be careful and always check the official site before they do something. It is the user's job to make sure everything is right so we can avoid the phishing scam because they will target people who do not check the details.

It is not 100% safe on the internet and once you send your data to the internet, that will be out of your control so you must make sure that the site can protect the data. I am sure Binance can do that as that will relate to their reputations and if somehow, Binance loses control of what their promise to their users, it will be the end of their exchanges.

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Quote from: Hamphser on February 05, 2022, 07:38:02 PM

Quote from: SatoPrincess on February 05, 2022, 06:43:25 PM

CZ Binance didn't reveal how the phishing scammers were able to get the phone numbers of binance users. Was binance breached? If so, how much data was exposed? I don’t believe an attack on Binance security was ever mentioned. I have to ask how safe is our bitcoins on centralized exchanges, how safe is our information (kyc) on these exchanges?

Once you do sent out your information to these platforms then never ever put up into your mind that those info would be 100% safe.Binance didn't mentioned out on how these numbers been leaked out?

There's no other way these scammers/hackers do able to get number of those users unless if they are leaked or been breached out so its safe to presume that this had been likely the case.

Well, if you do make use of your own common sense then these problems or possible phishing attempts could be spotted right on the spot.

Of course, that is so rational to think that the source of information can possibly be Binance itself so there is a possibility of it being hacked again...but then it is also possible that hackers use a software that can be sending SMS to random numbers who it thinks may have an account in Binance - yes this is also a big possibility in fact anything can be possible as far as hacking or frauds can be concerned. This is just one of the many risks that we are all facing everyday while in cryptocurrency so we have to be careful all the time never to ever click any link that can lead us to a fake site pretending to be the real one.

DaveF

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And many users use the same username / email / password across many platforms. So if they got that information from another breach, although the scammers would not be able to log in without access to your 2FA, they would know it's a valid account. So that would allow a bit better targeted phishing scam.
As always not your keys not your coins....

-Dave

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Quote from: SatoPrincess on February 05, 2022, 06:43:25 PM

CZ Binance didn't reveal how the phishing scammers were able to get the phone numbers of binance users. Was binance breached? If so, how much data was exposed? I don’t believe an attack on Binance security was ever mentioned.

There has been numerous breaches concerning cryptocurrency service-related accounts for a while now, the biggest probably being Ledger. Phishers are most likely using the emails collected from those breaches, not necessarily emails collected from a Binance breach(which hasn't happened yet, as far as I know).

Quote from: SatoPrincess on February 05, 2022, 06:43:25 PM

I have to ask how safe is our bitcoins on centralized exchanges, how safe is our information (kyc) on these exchanges?

Quick answer: It's not. It never was.

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Quote from: SatoPrincess on February 05, 2022, 06:43:25 PM

CZ Binance didn't reveal how the phishing scammers were able to get the phone numbers of binance users. Was binance breached? If so, how much data was exposed? I don’t believe an attack on Binance security was ever mentioned. I have to ask how safe is our bitcoins on centralized exchanges, how safe is our information (kyc) on these exchanges?

Once you do sent out your information to these platforms then never ever put up into your mind that those info would be 100% safe.Binance didn't mentioned out on how these numbers been leaked out?

There's no other way these scammers/hackers do able to get number of those users unless if they are leaked or been breached out so its safe to presume that this had been likely the case.

Well, if you do make use of your own common sense then these problems or possible phishing attempts could be spotted right on the spot.

tippytoes

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I am a user of binance so this information is very helpful. Though every time you go to their site, there's always notification as seen below that make sure you are visiting the official binance site. Scammers will always find a way how to screw users. As a user, you should always be cautious of what site you are visiting and entering your credentials.

SatoPrincess

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Quote from:diutocoinnews.com.ng:Scarm Alert ! Binance CEO Warns Users About A Phishing Scam.

Quote

Binance CEO, Changpeng Zhao CZ has warned users of the platform today to be alert not to fall victim of a phishing SMS scam that targets users credentials.

In a post made on Twitter today, with a screenshot depicting the phishing format, CZ Binance tweeted;

“There is a massive Phishing scam via SMS with a link to cancel withdrawals. It leads to a phishing website to harvest your credential as in the screenshot below. NEVER click on links from SMS! Always go to http://Binance.com via a bookmark or type it in. Stay #SAFU”

CZ Binance didn't reveal how the phishing scammers were able to get the phone numbers of binance users. Was binance breached? If so, how much data was exposed? I don’t believe an attack on Binance security was ever mentioned. I have to ask how safe is our bitcoins on centralized exchanges, how safe is our information (kyc) on these exchanges?

Topic: Binance CEO Warns Users About Phishing Scam (Read 228 times)